Friday, railcar manufacturer Greenbrier Companies (GBX) posted narrower loss for the first-quarter aided by lower costs. However, revenues declined across all its segments, reflecting depressed demand as a result of the weak economic environment. Citing weak demand, the company said it still expects revenues to be lower in 2010 compared to 2009.
Net loss for the recent quarter narrowed to $3.36 million from $4.46 million last year. Net loss attributable to controlling interest reduced to $3.24 million from $3.89 million a year ago.
On a per share basis, loss narrowed to $0.19 from $0.23 incurred in the year earlier quarter. On average, 4 analysts polled by Thomson Reuters expected the company to report a loss of $0.12 per share for the quarter.
Revenues for the first quarter of 2010 dropped to $171.69 million from $256.13 million in the prior year period. Two analysts estimated revenues of $187.50 million for the quarter.
The company's latest quarter results included non-cash charges of $1.2 million, net of tax, or $.07 per share for warrant amortization expense and amortization of convertible debt discount. Net loss for the first quarter of the previous year encompassed a non-cash charge of $0.6 million, net of tax, or $0.03 per share for amortization of convertible debt discount.
First-quarter EBITDA stood at $14.8 million, compared to $12.5 million in the first quarter of 2009.
Greenbrier's Refurbishment & Parts segment generated first-quarter revenue of $93.0 million, compared to $132.3 million in the previous year, primarily due to lower sales volumes across all product and service types and a further decline in the price for scrap metal, both due to the current economic environment.
Manufacturing segment revenue for the first quarter amounted to $60.1 million compared with $102.7 million a year earlier. Revenue for the Leasing & Services segment decreased to $18.6 million from $21.1 million last year.
Further, the company said it expects second half 2010 financial results to be stronger than the first half, and that the second quarter will be its weakest quarter.
Greenbrier still projects 2010 revenues to be lower compared with 2009. However, EBITDA, excluding special charges, is expected to be modestly higher in 2010 compared with last year, due in part to higher expected gross margins in Greenbrier's Manufacturing segment.
GBX closed the Thursday's regular trading session at $10.40 on the NYSE.
For comments and feedback contact: editorial@rttnews.com
June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.